The Indian used car market is projected to reach USD 100 billion by 2034, growing at a 15 per cent CAGR from USD 25 billion in 2023, according to CARS24 Co-Founder and CEO Vikram Chopra. Factors such as urbanization, a rising middle class, and changing consumer preferences are driving this growth. The market has seen significant acceleration in recent years, with increased demand for feature-packed SUVs and a shift towards more frequent car upgrades. Despite this growth, car ownership in India remains low compared to other countries, indicating significant potential for further expansion.
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